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【EVERGRN 5101 交流专区】长青纤维板
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发表于 19-7-2008 02:15 PM
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18-07-2008: Hume acquisition a boost for Evergreen
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EVERGREEN Fibreboard Bhd's (EFB) proposed acquisition of Hume Fibreboard is a boost for the company in more ways than one, HwangDBS Vickers Research said.
"We are positive on the proposal as it will expand EFB's capacity by 23%, enlarge its global market share and reduce competitive pressures," the research house said in a revent note.
Hume Fibreboard could lift Evergreen's FY2009-2010 earnings per share by 9% despite an enlarged capital base, it added.
"We estimate that Hume could add around RM190 million to RM210 million to Evergreen's annual turnover, based on a utilisation rate of between 85% to 90% and 60% thin medium-density fibreboard (MDF) production. This could raise our FY2009-2010 net earnings forecasts by 16-17% or an additional RM21 million to RM23 million a year," it said.
This assumes that 75% of the RM170 million cash payment to Hume Industries Bhd is financed by debt, which could turn Evergreen into a net debt position of RM98 million from RM50 million net cash in FY2009.
Evergreen, HwangDBS said, planned to grow Hume Fibreboard by introducing the production of thin MDF panels that commands better margins. It also enhances cost efficiency by consuming Evergreen-produced glue as well as via better sourcing of wood.
"We believe there is room for Hume Fibreboard to grow given the company's current thin margin. In FY07, we understand that it achieved about 9% net margin (on the back of RM18 million net profit) versus Evergreen's margin of 16%. We expect Hume Fibreboard to make a net profit of RM21 million in FY09 and RM23 million in FY10," HwangDBS said.
The research house also reckoned there is room for Evergreen to pay higher dividend as the acquisition is expected to be earnings accretive.
"Based on a 30% payout ratio, additional contribution from Hume Fibreboard could potentially raise dividend per share to 8.5 sen in FY09 and nine sen in FY2010, representing a 7% net yield a year, up from our forecast of eight sen a year," Hwang-DBS said.
It maintained a buy recommendation with a RM2.15 target price for Evergreen, based on eight times 2009 earnings.
"We continue to like Evergreen as it is well positioned as the second largest MDF player in Malaysia. Malaysia is the world's second-largest MDF exporter. Evergreen offers attractive net dividend yield of 6% and is currently trading at a compelling five times calendar year 2009 earnings.
"Catalysts for the stock include growth in MDF volume, higher selling prices and cost savings from producing its own glue and energy," HwangDBS said.
It will impute the acquisition in its forecast once it is completed. The proposed deal is still pending shareholders' and authorities' approval.
The research house expects Evergreen to be on track to meet its full year forecast.
"We expect 2Q08 net profit to be similar to 1Q08 as MDF prices remain flat quarter-on-quarter. Earnings would also include partial contribution from the group's new glue plant in Johor and power plant in Thailand, which kicked in May this year," it added.
Evergreen was untraded yesterday. It last closed at RM1.31.
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_358b081c-cb73c03a-bfd10a00-e5dc8304 |
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发表于 22-8-2008 06:29 PM
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The Group’s revenue for the quarter ended 30 June 2008 declined by 3.3% to RM186.30 million from RM192.56 million recorded in the preceding year corresponding quarter. Profit before taxation also declined by 44.0% to RM24.38 million compared with RM43.54 million in the preceding year corresponding quarter.
The decrease in revenue mentioned above is due to the strengthening of the Malaysian Ringgit against the US Dollar and lower price of the boards from subsidiaries (PT Hijau Lestari Raya Fibreboard (“PT Hijau”) and EJB). The profit before taxation, on the other hand, was impacted by the increase in log and glue prices as well as freight charges as a result of higher crude oil prices.
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发表于 22-8-2008 06:37 PM
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| Financial Results | | Reference No CC-080822-5C56B |
| Company Name | : | EVERGREEN FIBREBOARD BERHAD | | Stock Name | : | EVERGRN | | Date Announced | : | 22/08/2008 |
| Financial Year End | : | 31/12/2008 | | Quarter | : | 2 | | Quarterly report for the financial period ended | : | 30/06/2008 | | The figures | : | have not been audited |
| Please attach the full Quarterly Report here: |
 
SUMMARY OF KEY FINANCIAL INFORMATION | 30/06/2008 |
| INDIVIDUAL PERIOD | CUMULATIVE PERIOD | | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | | 30/06/2008 | 30/06/2007 | 30/06/2008 | 30/06/2007 | | RM'000 | RM'000 | RM'000 | RM'000 | | 1 | Revenue | 186,301 | 192,557 | 365,514 | 359,307 | | 2 | Profit/(loss) before tax | 24,378 | 43,535 | 54,501 | 78,968 | | 3 | Profit/(loss) for the period | 25,210 | 36,750 | 54,963 | 70,325 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 25,760 | 32,132 | 56,065 | 60,521 | | 5 | Basic earnings/(loss) per share (sen) | 5.37 | 6.69 | 11.68 | 12.61 | | 6 | Proposed/Declared dividend per share (sen) | 0.00 | 2.50 | 0.00 | 2.50 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent (RM) | 1.1400 | 1.1200 |
Note: For full text of the above announcement, please access Bursa Malaysia website at www.bursamalaysia.com |
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发表于 4-9-2008 10:06 AM
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Thursday September 4, 2008
Evergreen Fibreboard eyes top 12 position
By ZAZALI MUSA
It plans global expansion by buying fibreboard producers locally and abroad
SENAI: Evergreen Fibreboard Bhd (EFB) aims to be one of the top 12 producers of medium density fibreboard (MDF) in the world in terms of capacity.
Executive director Kuo Jen Chiu said its plans to acquire existing MDF producers locally and overseas would help to further strengthen the company’s position internationally.
“The company is on the right track to become a leading fully integrated fibreboard maker,” he told StarBiz after the company’s EGM on Friday.
At the meeting, shareholders approved the proposed acquisition by EFB’s wholly-owned subsidiary, Evergreen Fibreboard Nilai Sdn Bhd, of Hume Fibreboard Sdn Bhd (HFSB).
The proposed RM213.23mil acquisition will be funded by RM170mil cash as well as issuing 33 million of new ordinary shares in EFB at RM1.31 each.
Finished fibreboard ready for export
HFSB’s plant in Nilai, Negri Sembilan, makes higher value-added products, such as low formaldehyde emission grade MDF, high moisture resistance grade MDF, fire retardant grade MDF, wrapped moulding and high density fibreboards.
HFSB exports 70% to 75% of its products to countries in Asean, the Far East and the Middle East.
“The acquisition will increase our combined capacity of 810,000 cu metres per annum now to 1.31 million cu metres,” said Kuo.
Presently, EFB has manufacturing facilities in Malaysia, Indonesia and Thailand.
Kuo said the acquisition would enable the company to penetrate into new markets in Europe, Iran, Japan, North America and South Africa with the higher value-added MDF.
Malaysia is the world’s third largest exporter of MDF after Germany and France and the country’s main markets are China, Indonesia, Japan, the UAE and Vietnam.
He said the booming construction and real estate sectors in the Gulf Corporation Council countries, comprising the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Oman, had resulted in strong demand for wood-based products and furniture.
“Hence, there is a growing demand for MDF, particularly laminated flooring, building applications, panels, cabinets and mouldings,” Kuo said, adding that these products tended to have higher margins and had benefited from a general growth in the global building and furniture industries.
http://biz.thestar.com.my/news/story.asp?file=/2008/9/4/business/1869249&sec=business |
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发表于 8-9-2008 10:16 AM
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发表于 8-9-2008 11:21 PM
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EVERGREEN FIBREBOARD BERHAD (“EFB” OR THE “COMPANY”)
PROPOSED ACQUISITION BY EVERGREEN FIBREBOARD (NILAI) SDN BHD, A WHOLLY-OWNED
SUBSIDIARY OF EFB, OF THE BUSINESS OF HUME FIBREBOARD SDN BHD (“HFSB”) FROM
HFSB FOR A TOTAL PURCHASE CONSIDERATION OF RM213,230,000 TO BE SATISFIED PARTLY
IN CASH OF RM170,000,000 AND PARTLY BY WAY OF ISSUANCE OF 33,000,000 NEW
ORDINARY SHARES OF RM0.25 EACH IN EFB (“SHARE”) AT AN ISSUE PRICE OF RM1.31 PER
SHARE (“PROPOSED ACQUISITION”)
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com . |
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发表于 16-9-2008 10:57 AM
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原料雖漲價 長青纖維板持續穩健成長
2008年9月16日
(吉隆坡15日訊)儘管原料漲價和美元回軟帶來衝擊，但長青纖維板(EVERGRN，5101，主板工業股)通過專業技術和龐大的分銷網絡，而持續取得穩健成長。
長青纖維板目前是全球30大和亞洲5大中密度纖維板(MDF)製造廠之一。自1972年開始，該集團就是大馬其中一家領先的MDF製造廠商，產品出口至40個國家，同時也放眼在年杪，達到超過10億立方米的生產量。
分析員表示，儘管營運環境黯淡，但該集團出口到全球40個市場，而減少過度依賴單一市場，從而降低了風險。
僑豐投行分析員認為，以目前MDF使用量每年增加7%至9%的情況來看，長青纖維板的成長，將會隨著全球的需求量做出調整。
無論如何，就目前的情況來說，由於新興市場例如中國、越南和中東國家崛起，需求有所增加，長青纖維板的訂單將可走高。
國內方面，由於本地建築領域低迷，其產品的需求將低落。
分析員也關注原料價格波動的問題，即樹膠木和膠水。
這些原料的價格從今年年頭開始，就對其賺幅帶來了壓力。相較於去年同一時期的22%賺幅，該集團08年上半年的稅前賺幅，只達14.9%。
分析員預測，該集團的稅前盈利賺幅將在08年和09年，分別減少至15.2%和13.7%，並給於長青纖維板「買進」的評級，目標價格為1.15令吉。
http://www2.orientaldaily.com.my/press.php?TASK=news&TYPE=LBZ&NEWS=24cn0Jjq07II8c9I0pYG93MD1its6yCe |
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发表于 18-9-2008 06:04 PM
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发表于 19-9-2008 03:22 AM
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发表于 19-9-2008 09:50 AM
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原帖由 killerz 于 19-9-2008 03:22 AM 发表 
后面有人在看咯。。。
有人在顾哦。。
能否说的更明白清楚一点？。。。小弟我比较笨 |
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发表于 19-9-2008 10:08 AM
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发表于 20-9-2008 12:10 AM
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原帖由 chopnel 于 19-9-2008 10:08 AM 发表
用一阳指神功点蜡烛。。。。
那么是不是说有庄家已经收够了。。。所以想要点漂亮的蜡烛骗散户进场。。。然后寄望能够把它炒高。。。最后就在高位脱手让散户接热芋头？？？ |
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发表于 20-9-2008 12:24 AM
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原帖由 草下飞 于 20-9-2008 12:10 AM 发表 
那么是不是说有庄家已经收够了。。。所以想要点漂亮的蜡烛骗散户进场。。。然后寄望能够把它炒高。。。最后就在高位脱手让散户接热芋头？？？
哈哈，你念太多野啦。 |
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发表于 20-9-2008 09:16 AM
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发表于 20-9-2008 09:39 AM
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发表于 21-9-2008 01:33 PM
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发表于 21-9-2008 01:43 PM
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发表于 21-9-2008 01:49 PM
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发表于 21-9-2008 02:59 PM
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发表于 21-9-2008 04:34 PM
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